Bitcoin (Bitcoin) The rebound from USD 29,482.61 on July 21 continues to break through resistance levels one after another. Today, Bitcoin has risen above the 200-day simple moving average, which is an indicator that institutional investors pay attention to to determine whether the asset is bullish or bearish.
A positive sign of today’s rally is that Bitcoin has not suffered Gold flash crash, Temporarily fell to a four-month low. This shows that traders are paying attention to the fundamentals of the industry without being affected by the performance of other asset classes.
Glassnode points out Investors who have held Bitcoin for more than a year After the recent rally to $45,000, they did not sell their positions. This is in stark contrast to the 2018 bear market, where “veterans took away liquidity at most rescue rallies.”
Will Bitcoin enter a bull market and drive up the industry? Let’s study the charts of the top 10 cryptocurrencies to find out.
Table of Contents
Bitcoin/USD
On August 7, Bitcoin broke the upper resistance at $45,451.67 and hit a wall at the 200-day moving average ($44,954). The bears tried to pull the price back below the breakout level of $42,451.67 on August 8, but failed.
The BTC/USDT currency pair rebounded from the level of $42,451.67 today, and the bulls pushed the price above the 200-day moving average. If buyers maintain the price above the 200-day moving average, the downtrend is over.
The currency pair may then rebound to the upper resistance zone of US$50,000 to US$51,500, where the bears may form strong resistance.
If the price turns down from this area but stays above the 200-day moving average, it will increase the possibility of continuing to rise. A breakthrough of US$51,500 may clear the way for a rebound to US$60,000.
If the price falls and breaks below the breakthrough level of $42,451.67, this bullish trend will be invalidated in the short term. Then the currency pair may fall to the next support level of 36,670 USD.
Ethereum/USDT
Ether (Ethereum) Surged above the psychological level of $3,000 on August 7, which indicates that the correction may be over. The bears tried to lure aggressive bulls by pulling the price back below $3,000, but buyers held their ground.
The bulls will now try to resume the uptrend and push the price to $3,500 and then to the psychological resistance of $4,000. However, the sharp rise in the past few days has pushed the Relative Strength Index (RSI) into the overbought zone.
This indicates that the rally is overheated in the short term, and there may be consolidation or correction. The first sign of weakness will be a breakthrough and close below $2,893.23. This may cause the price to fall to US$2,500.
BNB/USDT
Binance Coin (Bitcoin) Broke through and closed above the $340 resistance level on August 6, completing a bullish ascending triangle pattern. The bears tried to pull the price back below the breakout level, but today the altcoin rebounded from the 200-day moving average ($328). This shows that the bulls are buying on dips.
The BNB/USDT currency pair can now begin to move towards the upper resistance level of 433 USD. The bears may once again make a strong defense against this level.
If the price falls as a result, the currency pair may fall to $340 and remain range-bound for a few days. A break and close below the 50-day moving average ($308) may tilt the advantage to bears.
On the other hand, a break and close above $433 will indicate that the correction has ended. Then, the currency pair may try to start a new uptrend that may reach $520.
ADA/USDT
Cardano (have) It fell back from $1.50 on August 8, but the bulls are not in a relaxed mood. They bought on dips and are currently trying to push the price back above the upper resistance.
If buyers push the price above $1.50, the ADA/USDT currency pair may begin to march northward, heading towards the upper resistance level of $1.94. This level may become a strong resistance, but if the bulls do not give up too much position, the currency pair may continue to rise.
Conversely, if the price falls from $1.50, the currency pair may fall to the moving average. A break and close below the moving average will indicate that the bulls are losing control. The currency pair may then fall to the key support level of 1 USD.
Ripple/USDT
Ripple On August 7, it surged above the resistance level of $0.75 and the 200-day moving average ($0.79), completing a double bottom formation. The price rebounded from the break level today, indicating that the bulls have flipped the level to the support level.
If buyers push the price above US$0.84, the XRP/USDT pair may begin to move towards the upper resistance zone of US$1 to US$1.07. A break and close above this area may herald the beginning of a new uptrend.
Or, if the price falls from the above resistance, the currency pair may fall to the 200-day moving average. A rebound from this support level may keep the currency pair between $1.07 and $0.75 for a few days. The bears must pull the price below the 50-day moving average ($0.65) to gain the upper hand.
Dogecoin/USDT
Dogecoin (dog) The consolidation near the upper resistance level of $0.21 resolved the upside on August 7, as the bulls established their dominance. The bears posed a severe challenge at a price of $0.29 on August 8, but the positive sign is that the bulls did not allow the price to fall below $0.21.
Buyers will now try again to push the price above $0.29. If this happens, DOGE/USDT may rebound to $0.35, and the shorts may form strong resistance again.
Conversely, if the price falls from US$0.29, the currency pair may fall to US$0.21 and remain range-bound between these two levels for a few days. Breaking and closing below the 200-day moving average (0.20 USD) may cause the currency pair to fall to the key support level of 0.15 USD.
DOT / USDT
polka dot(point) Facing strong resistance at the upper resistance level of 21 USD, but the positive sign is that the bulls have not given up too much position. This shows that the bulls have not closed their positions because they expect the recovery to continue.
If the bulls push the price above the upper resistance level of 21 US dollars, the DOT/USDT currency pair may begin to move towards the next target target of 26.50 US dollars. The 200-day moving average ($27) is above this resistance level, so bears may actively defend this level.
If the price retreats from this resistance level, the currency pair may fall to 21 USD. A strong rebound from this level will indicate that traders are buying on dips. Conversely, a break below $21 may pull the price down to the 50-day moving average ($15.46).
UNI / USDT
Uniswap (United Nations University) Broke the 200-day moving average ($25.81) on August 6, and the bulls successfully defended the level retested on August 8. This indicates that the 200-day moving average will now be the support for future declines.
Buyers will now try to push the price to the upper resistance level of $30. If they manage to do this, it indicates that the downtrend has ended. Then, the UNI/USDT pair can start to rise to 37 USD and then to 44 USD.
Contrary to this assumption, if the price drops from $30, the currency pair may fall to the 200-day moving average again. A break below this support level will indicate that the bulls may be losing control. The currency pair may fall to 23.45 US dollars.
related: Bloomberg analyst asserts that Ethereum can pave the way for $100,000 in Bitcoin
BCH/USDT
Bitcoin Cash (Bitcoin cash) Broke through the $546.83 resistance level on August 6 and completed the double bottom formation. The bulls have successfully held the breakout level in the past two days, which is a positive sign.
The BCH/USDT currency pair may now rise to the 200-day moving average (639 USD), and the bulls may face strong resistance again. Breaking and closing above this level may clear the way for the currency pair to rebound to 710.13 USD.
Contrary to this assumption, if the price falls from the 200-day moving average, the currency pair may oscillate between the moving averages for a few days. A break below the 50-day moving average ($493) may increase the possibility of a drop to $450.
Link/USDT
The bears tried to pull Chainlink (Associate) It returned to below the breakout level of $22.07 on August 8, but failed. This shows that market sentiment has turned positive and traders are buying on dips.
The bulls will now try to push the price to the upper resistance at $26.48, where the bears may once again form strong resistance. If the price falls from this level, the LINK/USDT currency pair may remain within the range of 26.48 USD to 22.07 USD within a few days.
A break and close above the 200-day moving average ($27.83) will mark the end of the downtrend. The currency pair may then rebound to 32 USD and then rise to 35.33 USD. On the other hand, a break below $22.07 may lead to a fall to the 50-day moving average ($18.90).
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.
